 "Reliance Infra to monetise Pune-Satara toll road asset at EV of ₹2,000 cr")
Reliance Infrastructure will monetise its Pune-Satara Toll Road project at an enterprise value (EV) of ₹2,000 crore, with Singapore-based Cube Highways and Infrastructure III Pte Ltd set to acquire a 100 per cent stake in the asset, according to a company official.
The transaction is part of Reliance Infrastructure’s strategy to monetise non-core assets, strengthen financial flexibility, and sharpen its focus on core businesses such as defence manufacturing and renewable energy. The company plans to gradually exit its road portfolio as part of its broader strategy.
Reliance Infrastructure currently operates seven toll road assets spanning about 2,468 lane kilometres. From the Pune-Satara deal, the company is expected to realise equity proceeds of ₹600 crore, which will be deployed towards future growth initiatives in core business areas. In addition, the transaction will reduce consolidated debt by ₹1,400 crore. The company clarified that it has no debt at the standalone level. According to the annual report of Reliance Infrastructure, the company’s consolidated debt exceeds ₹6,000 crore as of FY 2025. "When contacted, Reliance Infrastructure spokesperson declined to comment."
The asset is housed under PS Toll Road Pvt. Ltd., a special purpose vehicle (SPV) established to develop, operate, and maintain the 140-kilometre six-lane expressway between Pune and Satara in Maharashtra, along National Highway NH-4 (now NH-48). The project, developed under the Build-Operate-Transfer (Toll) model, is part of the Golden Quadrilateral and plays a key role in connectivity between Mumbai and Bengaluru. Toll collection on the corridor began in October 2010.
The transaction is expected to be completed by the end of this month, subject to regulatory approvals.
This marks Reliance Infrastructure’s second major road asset sale to Cube Highways. In 2020, it sold its Delhi-Agra Toll Road project to Cube for ₹3,600 crore. Cube Highways invests in highway projects and select infrastructure sectors in India and currently manages 33 road assets across the country.
Cube’s infrastructure investment trust (InvIT) is backed by global investors, including I Squared Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi’s sovereign wealth fund Mubadala Investment Company. The InvIT manages assets worth ₹36,543 crore.
Earlier this week, the InvIT raised ₹820 crore through non-convertible debentures (NCDs).
Reliance Infra’s shares listed on the Bombay Stock Exchange closed at ₹289.50 per equity share on Friday.